Unless otherwise indicated herein, the approaches described in this section are not prior art to the claims in this application and are not admitted to be prior art by inclusion in this section.
Embodiments relate to risk management, and in particular to methods and apparatuses that implement audit scheduling.
As an independent actor, an internal audit department seeks to improve operations of other departments through evaluation of their business processes. The internal audit department advises management and board directors for recommended improvements in the audited areas.
Defining a feasible scope for audit activities, can offer a challenge. In order to properly manage risk, it is desirable for the internal audit department to create an integral annual audit plan including final approval by the management board.
Typically, internal audit departments create their audit plans manually and with several iterations. This planning step is accordingly both time- and resource-consuming.
Moreover, the large role of human discretion played in manual audit planning can undesirably degrade the independence of the audit process, potentially introducing unwanted biases or prejudices.